The Internationalism

From the series News from the Silk Road According to The Washington Post , through the federal budget the White House has opened negotiations with the Senate that include long-term competition with China. The figures — $6 trillion, including infrastructure and family welfare plans — will vary in the negotiations, and will be centred on three directives. One demand is common to various proposals of expenditure: they must have a positive impact on the American productivity vis-à-vis China on the open fronts of industrial, energy and technological restructuring, or on the efficiency of welfare systems. In the case of welfare, the competition is also vis-à-vis Europe. Another calculation, attributed to Biden’s administration and the Democrats, is the enlargement of the electoral coalition in view of the next mid-term elections. Finally, there is a need to direct military expenditure, within the framework of a greater increase in the other items of discretionary expenditure, not absorb...

On August 15 th , 1971 (50 years ago) US President Richard Nixon declared that the ‘gold window’ was closed. The era of the convertibility of the dollar to gold was over, and the system that had been agreed upon by the victors of the war at Bretton Woods in 1944 collapsed: the regime of fixed but subject to periodical reviews exchange rates had lasted a quarter of a century. Jeffrey Garten, Bill Clinton’s former Undersecretary of Commerce for International Trade and managing director of the Blackstone Group and Lehman Brothers, is now a historian who has written about Nixon’s decision. He recalls that the turnaround came at a time when the amount of dollars in circulation in the world was four times the amount of gold held in reserve, inflation was rising, Washington was withdrawing troops from Vietnam, and Nixon, the month before, had announced his visit to Beijing, a historic event. In 1959, the economist Robert Triffin had explained to Congress that there were absurdities assoc...

From the series European News In his book Britain Alone , the Financial Times columnist Philip Stephens argues that David Cameron’s decision to hold the Brexit referendum in 2016 was self-serving […] The prime minister wanted to snuff out a Tory rebellion and to give himself a quieter life in 10 Downing Street . For short term tactical reasons, Cameron gambled on the strategic issue of Britain’s link to Europe. As for Boris Johnson, backing Brexit had been about personal ambition: establishing his claim to the leadership . In Stephens’ reconstruction of events, Brexit was an unwanted outcome for the leaders of the Leave campaign: When Boris Johnson and Michael Gove, […] appeared before the cameras on the morning of 24 June, they looked shell-shocked rather than triumphant. […] Winning was not part of the plan. However, once Brexit had been set in motion, Johnson pursued it with wild abandon and made it the cornerstone of his bid for No. 10. According to Stephens, there was no und...

From the series Vaccines and world contention There are by now ten authorised vaccines already in use against SARSCoV-2, and there are 77 countries in which vaccinations are taking place. By mid-February, 173 million doses had been administered and the campaign is proceeding at an average rate of six million a day, calculated on the basis of last week’s figures. At this pace, it would take 5 years to vaccinate 75% of the world population with two doses [ Bloomberg , February 15 th ]. More than half of the injections have been carried out in the United States, the UK, and the European Union which, together, account for 11% of the world population. In at least one third of the 77 surveyed countries, less than 1% of the population have received their first dose of the vaccine, and, in the rest of the world, vaccines have not yet arrived. Imperialist globalisation Individual states are pursuing autonomous solutions to a global problem. Epidemiologists believe that, while a vast propo...

The pandemic of the century is putting all political leaders to the test, while a colossal state intervention has taken shape commensurate only to those of the 1930s and the Second World War. Donald Trump is suffering the consequences of the cheap demagogy with which he faced Covid-19 in the beginning, and perhaps of the excessive propaganda with which he precipitated the clash with Xi Jinping's China. Vladimir Putin is coming to terms with historic Russian weaknesses, magnified by the recent collapse in oil prices. Narendra Modi is seeing the spectre of famine descending over India. In Brazil Jair Bolsonaro, a Trump imitator, is hounded by the disillusionment of his electors. In France Emmanuel Macron faces, as he did with the yellow vests, the unknowns of a political tradition that was once monarchical and regicidal. Pedro Sánchez, in Spain, is walking the tightrope of balancing the various sections of his shaky coalition, the complicated mosaic of local autonomies and the relat...